In a nutshell, Income tax is a permanent source of income for the government. Also, it encourages savings and investment among people. Further, it removes disparities between the haves and have nots and fills the gap between the two. And that is why we use slab rates. Related terms: Natio...
The tax slabs are determined on age of person. As of today there are 3 slab rates based on age: Below 60 years of age Senior Citizens (60 to less than 80 years of age) Very Senior Citizens (80+ years of age) The table below gives the tax slab rat...
Select the financial year from the dropdown menu for which you want to calculate the income tax, then input your basic details such as your age group (it tells your applicable tax slab rates), type of city you are living in, earning source, the type of house you are living in, rent ...
Additionally, individuals can also claim deductions for tax-saving investments as dictated under Section 80C to 80U. The following are the income tax slab rates for individuals below the age of 60: Note:There is a common misconception that income tax is charged on the total income earned by an...
on the income earned by an individual or business after certain deductions. Due to multiple income tax slab rates combined with many tax exemptions and deductions, calculation of income tax can be a challenging task. Not with the presence of an easy-to-use online income tax calculator, though...
All freelancers must pay their income taxes as per the applicable slab rates on their specific income range. They also have to file the ITR for freelancer for presumptive taxes under section 44ADA of theIncome Tax Act, 1961. The presumptive taxation scheme permits freelancers to pay income tax...
TDSMANDecember 23, 2024No Commentson Section 194 – TDS on Dividend Dividend received by resident shareholders are now taxable as per the income tax slab rates. Sec 194 has gained prominence as TDS shall be deducted on dividend by the company…Read more » ...
if you have received dividend from aforeign company, then these will be chargeable under the head ‘Income from other sources’ at the tax rates applicable to you. Any dividend received from Shares/Stocks and/or Mutual Funds etc needs to be added together and shown here.Check your emails or...
The Income Tax Act, 1961 specifies that every individual who earns an income in India should pay income tax on such income earned. That is why the income that you generate in a financial year from all possible sources is taxed at specified tax rates. Though the income earned is taxable, ...